NEW YORK, Jan 29 (Reuters) - Mohamed El-Erian, the chief economic advisor at Allianz, said on Friday that the Bank of Japan's shocking move to take one of its main interest rates into negative territory underscores the country's hope to weaken the yen to re-inflate its economy.
"Countries are pursuing their domestic objectives almost regardless of the international consequences," El-Erian said in an interview at Reuters' New York offices. "You see this most clearly on the currency front, where with the exception of the United States, the vast majority of countries are hoping to weaken their currencies. I would put the Bank of Japan action in that category." (Reporting By Jennifer Ablan)